United Tractors (UNTR) has gained 74.1% from its bottom to become a company with market capitalization of US$6.2 billion. It is now traded with PE multiple 19.6 on annualized EPS from the first nine months of 2016 as investors anticipated stronger performance in the last quarter of the year.

The government has set reference price (HBA) of Indonesian thermal coal (calorific value of 6322 Kcal/Kg) for November 2016 at US$84.89 per ton (FOB vessel), jumped 56% year-on-year. In the international market, tradingeconomics.com recorded US$106.5 per ton on November 4th.

Rally of coal price continues, and so shares of coal producers listed on Indonesia Stock Exchange (IDX). tradingeconomics.com quoted coal price of US$114.75 per ton on November 1st, 2016 to represent 119% gain year-on-year due to perception about supply and demand side in China. Too fast, too soon, some agreed.

Shares of PT Perusahaan Gas Negara (PGAS) Tbk have steadily declined in the past two years. As of today, PGAS is valued only Rp62.06 trillion or 1.5 x equity, eroded significantly due to falling oil and gas prices, while it acquired upstream oil and gas assets at the peak of oil prices.

Adaro Energy (ADRO) and Indika Energy (INDY) have gained 263% and 524% from their respective bottom as investors anticipate improvements starting third quarter of 2016. While Indika Energy remained in negative territory, Adaro enjoyed net profit of US$209.1 million in Jan-Sep 2016, an increase of 10.6% from the corresponding period of 2015.

Thermal coal yet to stop its rally. Tradingeconomics.com recorded thermal coal price of US$94.1 per ton last Friday, which means 30% gain in October alone. The Commodity rallied since July, helping coal producers, including Harum Energy (HRUM), to report improvements in the third quarter.

PT Eagle High Plantations (BWPT) Tbk has gained 39.1% year-to-date, but dropped 39% from its peak as investors yet to get confirmation about status of the deal between Peter Sondakh’s Rajawali Corpora and Malaysian giant Felda Group. Fundamentals, meanwhile, were still under pressures in the third quarter.

Shares of palm oil and natural rubber producer London Sumatra Plantations (LSIP) ended lower in morning session Friday (Oct 28) as some investors responded negatively the company’s performance for the first nine months of 2016. We, however, noted significant improvement in the third quarter vis-a-vis first half of 2016.

Toba Bara Sejahtera (TOBA), a coal producer controlled by the family of Luhut Binsar Pandjaitan, coordinating minister for maritime affairs—-supervising energy & mining sector, booked net profit of US$1.73 million in the first nine months of 2016, collapsed 81.8% from the corresponding period of 2015.